Report: Gas Will Top $4 Per Gallon
Posted on: Wednesday, 12 March 2008, 12:00 CDT
U.S. drivers can expect rising prices at the gas pump to hit $4 per gallon in the next few months, a government report issued Tuesday said.
The Energy Information Administration said the national average price in May and June could reach $3.48 a gallon, which means that drivers in some of the country's higher priced regions could be paying $4 per gallon.
We are in an era of higher oil prices, and so if we look at $100 (per barrel) oil, we have to do so with an understanding that prices are unlikely to return to levels seen in the early part of this decade, the report said.
The price hikes will come even as consumption drops, USA Today reported.
Crude oil prices, which account for two-thirds of the price of gasoline, have risen to more than $108 on the New York Mercantile Exchange, but that price could drop slightly in the second half of March, the report said.
Source: United Press International
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